The price of Bitcoin (BTCUSD) declined in its recent intraday trading, affected by the stability of the critical resistance of $110,500, which stopped the bullish wave temporarily, this decline was an attempt to gain the required bullish momentum to breach this resistance, with the continuation of the bullish trend effect on the short-term basis, where the price moves alongside a bias line that supports the overall bullish track.

The price attempts to offload the clear overbought conditions on the (RSI), especially with the beginning of the negative signals appearance from them, opening the way for gathering the required momentum to resume the rise.

Therefore, our expectations suggest a rise in (BTCUSD) price in the upcoming intraday sessions, conditioned by breaching the mentioned resistance at $110,500 initially, and its next target is located at $112,400.

The expected trading range is between $108,400 support and $111,500 resistance.

Todays forecast: Bullish